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Insurance terminology

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  • Protection against loss due to forced entry
    Burglary
  • The amount you must pay before the insurance company pays the rest
    Deductible
  • Incorrect estimate of an insurance premium
    Misquote
  • When an insurance company refuses to provide coverage
    Decline
  • A request for payment under an insurance policy
    Claim
  • The amount paid to a beneficiary when the insured dies
    Face Amount
  • Coverage for damage to your vehicle from events like fire or theft
    Comprehensive
  • An estimate of how much insurance will cost
    Quote
  • An amendment that changes a policy’s coverage
    Endorsement
  • A person hired to find insurance on your behalf
    Broker
  • A licensed person who sells insurance on behalf of a company
    Agent
  • The cost you pay for insurance coverage
    Premium
  • The termination of an insurance policy before its end date
    Cancellation
  • The cause of a possible loss, such as fire or theft.
    Peril
  • A period that must pass before coverage begins.
    Waiting Period
  • The written contract of insurance
    Policy
  • Income protection if you cannot work due to illness or injury
    Disability Insurance
  • The maximum amount an insurance policy will pay
    Policy Limit
  • The value of property just before it was damaged or lost
    Actual Cash Value
  • Insurance that pays beneficiaries upon the death of the insured
    Life Insurance
  • A policy that pays off a mortgage if the insured dies
    Mortgage Insurance
  • decrease in value due to age, wear, or damage
    Depreciation
  • Conditions or situations not covered by a policy
    Exclusion
  • A temporary agreement that provides coverage until a policy is issued
    Binder
  • Coverage for damages you are legally responsible for
    Liability Insurance
  • A person who makes a claim for recovery
    claimant
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